False Creek Real Estate Statistics

Wow! There are are some pretty remarkable numbers here this month. False Creek real estate got hit over the head with a 3 day old baguette this past month. Of the 14 units listed for sale in False Creek in October, NOT ONE, sold! There were only 4 units sold in the whole month and three of those were pre-paid leasehold units! All that being said the average, and median, list price to sale price ratio was a very healthy 98! Take a look at the stats below. I am hoping to add some sexy graphs soon, but I still have some learning to do on the spreadsheet programs.

LISTED IN FALSE CREEK IN OCTOBER

Freehold Strata Units Listed:  11 (20,6,28)
Pre-paid Leasehold Strata Units Listed: 2 (12,2,2)
Non Pre-paid Leasehold Strata Units Listed:  1  ( 2,0,1)
Total Units Listed: 14 (33,8,23)

Median list price: $539,450   ($549,000,$574,950,$599,000)

SOLD IN FALSE CREEK IN OCTOBER

(last 3 month's numbers in brackets)

Sold from listed in October: 0                                 

Freehold Strata Units Sold: 1 (4,28)
Pre-paid Leasehold Strata Units Sold: 3 (3,1,1)
Non Pre-paid Leasehold Strata Units Sold:  0 (0,0,0)
Total Units Sold:  4 (7,3,9)

Average Sold Price:  $384,600 ($541,214 ,$734,000)
Median Sold Price:  $374,950 ($545,000,$550,000)

List Price to Sold Price Ratio: 98%

Average Days on Market: 27 (21,71, 29)
Median Days on Market: 24 (12,61, 14)

Are you thinking ablout making a move in False Creek real estate?  I am always happy to answer your False Creek real estate questions.


This post orignally appeared on my False Creek blog, the False Creek Comet

Mellinium Water Vancouver's Olympic Village - Trouble Ahead?

As the credit crisis south of the border begins to creep north, concerns are mounting over the impact it may already be having on construction of the athletes' village for the 2010 Winter Games.

Last week, members of Vancouver's city council held an emergency, in-camera meeting to get an update on the project. Much of the discussion revolved around the city's obligation in the event the developer, Millennium Development Corp., can't meet demands from the bank because of massive cost overruns, according to sources briefed on the meeting.

Click here to read the full article.

Another article in the Vancouver Sun "2010 Games in Crisis" raised concerns that B.C. taxpayers could be on the hook for about $1.5 billion.

Just a week ago, Denis Du Bios on October 03, 2008 published in Energy Priorities a glowing report "Vancouver 2010 Olympic Village" as a model for urban sustainability.

This South East Fales Creek land - once a mishmash of shipyards, sawmills and municipal incinerators had many past controversies. NANCY MACDONALD at Maclean's Magazine published on November 19, 2007 "New Condo Will Double as Vancouver's 2010 Olympic Village" gave an account on the project when the condos were released for sale in October 2007.

For more information on Millennium Water Condos, kindly contact James Wong at 604-721-4817 or email me.

The False Creek Watershed Society is hosting the Salmon Celebration as part of BC Rivers Day on Spetember 28th. The Salmon Celebration BC Rivers Day The event is set to take place from 12:00 - 4:30pm at Vanier Park and promises to great fun, and educational too.There is even a parade at 1:00pm.

I haven't been to one of these events for a few years, but the last one we went to was great. There will be "Entertainment, Crafts, Food, Storytelling, Environmental Fair, Local Musicians, Wooden Boat Building, Stilt Walking, Exhibits and First Nations Participation."

You can read all about The Salmon Celebration and all the other events the Society puts on their website. It is always good for us city dwellers to realize what was here before they paved this paradise.

This post originally appeared on False Creek blog, the False Creek Comet.

So late getting this out, but I wanted to get these numbers done so we can have something to compare to next month. The market continues to see more inventory and lower sales. Here in False Creek all the numbers are quite low and so the month-to-month numbers vary quite dramatically. I will have to start doing a quarterly re-cap I think so we can get a better idea of what is really happening in False Creek real estate. Nonetheless here are July's numbers. August's are coming soon.

LISTED IN FALSE CREEK IN JULY (last 2 month's numbers in brackets)

Freehold Strata Units Listed: 28 (14,22)
Pre-paid Leasehold Strata Units Listed: 2 (7,9)
Non Pre-paid Leasehold Strata Units Listed: 1 (2,2)

Total Units Listed: 31 (23,33)

Median list price: $599,000

Total Listings Available as of July 30th: 65 (56,61)

SOLD IN FALSE CREEK IN JULY (last 3 month's numbers in brackets)

Sold from listed in July: 4

Freehold Strata Units Sold: 8 (5,6,7)
Pre-paid Leasehold Strata Units Sold: 1 (1,3,4)
Non Pre-paid Leasehold Strata Units Sold: 0 (0,0,1)

Total Units Sold: 9 (11,9,12)

Average Sold Price: $620,300 ($490,781)
Median sold price: $575,000 ($490,000)

Average Sold DOM: 29 (37,24,21)
Median Sold DOM: 14 (26,17,14)

Absorption Rate: 7.2 months (5.09,6.7) What is the absorption rate. It is the number of months that it would take to absorb, or sell, the present inventory of homes for sale.

If you have any questions about False Creek real estate please let me know.

This post originally appeared on my blog the False Creek Comet.

First I will start off by saying I am not a Realtor who is defensive about house prices reducing.

That would be like being offended by the sun rising each day. History has shown that the sun comes up, the sun goes down. House prices go up, house prices go down. The difference is one is fairly predictable. To not accept the rise and fall of real estate prices would be unproductive if not irrational.

Am I the only one who finds articles discussing the Canadian housing market seeing price reductions somewhat useless to home buyers? Am I buying or selling houses in Canada? Well yes...well sort of...well no. I was thinking about narrowing it down to a province or even maybe a city. Heck I may even be so brazen as to narrow it down to a particular neighbourhood.

Now I realize that the media can’t or won’t report on market activity in each neighbourhood in Canada. However, what does a reader gain from knowing the prices are down such and such percent across Canada? Can they take that tidbit of information into negotiations with them?

Point being, real estate is local. Neighbouring towns can have polar opposite trends depending on job creation, in migration, supply, quality of schools, hospitals and transportation. Different parts of a city will experience the same effect.

Here is a real life example, a mill burns down in Prince George and house prices falter as there is job losses; the Hebron oil deal is approved in Newfoundland which includes partial manufacturing of the rig in province and house prices start rising. They are 7335 kilometres apart by car; both are used to calculate the average national housing price and subsequent increases or decreases.

There is nothing wrong with trying to be in tune with what the real estate market is doing, just make sure it is the market that is actually relevant to you.

By the way, these articles and this data do have a practical application for those observing the national economy for purposes other than the purchase or sale of real estate. Real estate tends to be an indicator of the overall health of our economy, however it is not a driving force of the economy.